The Mortgage Loan Process: an Overview
There can be little doubt ; getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But First Southeast Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where First Southeast Mortgage Corporation can start to save you money. You will supply info about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we have reviewed all this info we will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Because you don't need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! First Southeast Mortgage Corporation is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. First Southeast Mortgage Corporation answers loan process questions every day.